SC to hear plea seeking quest into Hindenburg report tomorrow
The Supreme Court has agreed to hear a plea seeking direction to the Central government to constitute a committee. The committee will be monitored by a retired apex court judge. The committee will investigate the Hindenburg Research report.
The report by US-based research company Hindenburg has caused a huge row. “The report has tarnished the image of (the) country. It is affecting the economy…” Tiwari told a bench headed by Chief Justice DY Chandrachud, asking it to take up his petition with the other on Friday. Sharma’s petition claimed media hype over the report had affected the markets, and that Hindenburg founder Nathan Anderson had failed to provide proof of his claims to Indian regulator SEBI.
Tiwari’s petition said: “Concern of the present petition is — what is the fate of investors who (have) lost such amount of money which brings a life-changing and life-ending impact on such investors with no redressal available…”
The petition – which sought a judicial probe by a committee headed by a retired Supreme Court judge – also said the Hindenburg report ‘has shaken not only country’s stock exchange but also put a question mark on business methods adopted by the businessmen in our country’.
The Hindenburg report triggered a massive rout of Adani stocks. Also, the flagship firm lost over $120bn in days. The loss forced the cancellation of a $2.5 billion FPO.